Stalemate in Iran, what’s the next risk? 

Blain’s Morning Porridge 10th March 2026 – Stalemate in Iran, what’s the next risk? “They make a desert and call it peace.”Pretty much as was expected Donald Trump has declared his war almost over. Its not. It has destabilised the global economy. What might be roiled in its wake? One area to watch is how a liquidity default-storm in Private Credit could infect global bond and equity markets, causing a global market crisis. (Quick comment on this morning’s top line quote. I suspect the Caledonian Picts were the Iranians of their age. In 84 AD the Caledonian chief Calgacus became the first Scotsman to be mentioned by name in the history books when he gave his opinion of Emperor Agricola’s invasion of Scotland. For the record – a later Emperor, Hadrian, gave up and built the famous wall, requiring massive Roman resources to police the Caledonian border for the next 300 years.)Let’s get on to today’s business…I am indebted to Will Nutting for the quote of the month: “The USA spent 20-years and trillions of dollars replacing the Taliban with the Taliban. Trump has replaced Ayatollah Khamenei with Ayatollah Khamenei in just 9 days and for less than a $100 billion.”Joy unconfined as Trump speaks to Putin and then declares the war just about won. A massive market rally is on the cards… The mission objectives changed yet again – it wasn’t about regime change or stopping nukes but bringing back down oil and gas prices!The truth is the attack on Iran is ending in a stalemate.You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!